MEMBERSHIP REGISTRATION
INDIA INTERNATIONAL CLEARING CORPORATION (IFSC) LIMITED
General instructions
- The application form should be filled in block letters
- Please do not use abbreviations while filling the application form and annexures
- Kindly ensure that all the details are provided except for those marked as optional
- Please provide supporting documents wherever mentioned
- MOA & AOA should be certified by any Director of the Company
Application Fee (non-refundable)
Application fee of USD 500 (non-refundable) shall be made through SWIFT transfer to the India International Clearing Corporation (IFSC) Limited Bank account/s as per the details given below:
India International Clearing Corporation (IFSC) Limited
Name of the Bank / ICICI Bank / Yes Bank / IndusInd Bank / Kotak Mahindra BankBranch Name
Account Number
SWIFT Code
Please contact Membership Department of India International Clearing Corporation (IFSC) Limited at the following address and contact details:
Membership Department
India International Clearing Corporation (IFSC) Limited
102 First Level, Signature Tower, Zone 1,
GIFT City, Dist. Gandhinagar - 382355
Gujarat, India.
Phone: +91-79-61993175
Email Id: membership@ indiaicc.com Website:
- Membership Deposits, fees, Net Liquid Collaterals and Networth requirement
Details / Amount (in US$)
Application Processing Fees / 500
Details / Amount (in INR)
Interest Free Deposit (refundable) / 50,00,000*
SEBI Registration Fees**
(applicable only for exclusive clearing membership) / 50,000
SEBI Annual Clearing Membership Fees / 50,000
* To be deposited in US$ equivalent to amount mentioned in INR
**One time SEBI Registration fee of INR 50,000/- by D.D.in favour of “Securities & Exchange Board of India” at the time of application
- Networth requirement (as per LC Gupta format provided in Schedule VI of the SEBI (Stock broker and Sub brokers) Regulations, 1992
Particulars / Self-Clearing Member (Amount in INR) / Clearing Member (Amount in INR)
Networth Requirement / Rs. 5 crores * / Rs.10 crores *
* US$ equivalent to amount mentioned in INR
- Checklist of documents to be submitted:
Sr. No. / List of Documents / Annexure / Page No.
Approval of Development Commissioner of Kandla Special Economic Zone Authority / - / -
Clearing member application form / 1 / 5-8
SEBI Form AD and additional Information Form / 2 / 9-16
Infrastructure & Ownership details of office premises / 3 / 17
Designated officer details with contact nos. and email id’s / 4 / 18
PAN copy of the Applicant / - / -
Undertakings / 5 / 19-21
Short history of the applicant and its activities on letter head signed by directors. / - / -
If an associate Person/ entity of the applicant is a member of any other stock Exchange/Clearing Corporation then the NOC / Status report of that particular exchange/ Clearing Corporation is to be submitted / - / -
Capital Structure (Authorised & Paid up Capital) of the company, Shareholding Pattern & Promoter Details / 6 / 22-24
Board resolution for obtaining the Membership, appointment of designated directors and authorization for signing documents / 7 / 25
Latest Financials(as per IFRS accounting standards):
i)Networth Certificate & Computation of Networth (as per SEBI Guidelines or the sectoral regulator as applicable)
ii)Profit & Loss account
iii)Balance sheet (Including all schedules) / 8 / 26-27
Certified copy of MOA & AOA by Director / - / -
Details of Directors (in C-3 Format) / 9 / 28
Documents pertaining the Designated Directors:
- Bio-data
- Education Proof
- PAN card
- Securities Market Experience Certificate
- Passport (In case of foreign directors)
Names and PAN of the entities / persons along with certified copies of the PAN Cards such as Promoters, Associate(s)/ Group Companies, Principal Officer(s)/ Key Management Person(s), All entities / persons falling within the verticals of applicant both from bottom to top (e. g. holding company) and top to bottom (e.g. subsidiary company), irrespective of whether they are registered with SEBI or any other regulatory authority / 11 / 31
- 8
Membership Compliance / - / 32
Important Instructions to the applicant as directed by SEBI:
1 / Where PAN is not provided, member shall give an undertaking specifying the time period in which it will be provided2 / As regard NISM certification exemption, member shall submit an undertaking that after expiry of the exemption period , they will provide the NISM certifications
3 / Networth amount to be mentioned in USD as well as in INR (US$ equivalent to the amount in INR)
Additionally, applicant is required to give an undertaking that they will continuously monitor the Networth and ensure that it is always more than the minimum required limit.
4 / The subject line of the covering letter of the member shall be “Application for registration of(name of entity) as a Clearing Member to carry out securities market related activities in GIFT IFSC.”
Before commencement of business, the following documents are required
- SEZ approval letter.
- Copy of GST Registration.
- Attached GST Declaration letter from member (format given below).
- Copy of PAN and TAN no.
- Membership of Export Promotion council.
- Eligibility certificate issued by KASEZ.
- Commencement of Operation letter issued by KASEZ.
GST Declaration letter from member
To,
India International Clearing Corporation (IFSC) Limited
1st Floor, Unit No. 102,
The Signature, Building no. 13B,
Road 1C, Zone 1, GIFT SEZ,GIFT City,
Gandhinagar, Gujarat – 382355
Sub:Undertaking on Supply to SEZ unit for authorised operations without charging Integrated Goods and Services Tax (Zero rated supply)
Respected Sir/ Madam,
I / We XXX Limited located in … (Address)…. are registered as special economic zone and carrying out our business operations in special economic zone. We have been granted approval as Special Economic Zone Unit by government authorities vide letter of approval number ______dated ______and further extended vide letter no. ______dated ______. (Copy of letter of approval and extension letter is attached as Annexure 1). Further, as per provisions of GST Law, Special Economic Zone Unit needs to be separately registered. Accordingly, we have obtained separate registration for Special Economic Zone Unit located in < State Name > vide GST No ______. Copy of GST registration certificate of Special Economic Zone Unit is attached as Annexure 2.
Since we are Special Economic Zone Unit, thus, India International Clearing Corporation (IFSC) Limited may supply services to us without payment of IGST.
We certify that services of India International Clearing Corporation (IFSC) Limited are received by us for the authorised operations of our SEZ and not for any other operations and are eligible for exemption from GST.
We undertake to intimate India International Clearing Corporation (IFSC) Limited immediately, if there is any change in any of the facts or details mentioned afore said.
We undertake to give India International Clearing Corporation (IFSC) Limited any certificate, declaration or other documentary evidence to substantiate that India International Clearing Corporation (IFSC) Limited has provided the services to us. We also undertake to procure relevant declarations, certifications and other documentary proof as certified by the SEZ officer to substantiate that the services have been received by us for the authorised operations. Further, we will compensate to India International Clearing Corporation (IFSC) Limited for any tax, interest or penalty arises due to furnishing wrong information relating to status as SEZ unit.
Trust this declaration would enable you to comply with the provisions of the Goods and Services Tax Law.
Date:
Place:
For ______
(Authorized signatory)
Enclosure: As attached.
Annexure I
(To be filled by entity who is promoted by Indian Company)
(On the letter head of the applicant, signed and stamped by designated director/son every page)
Clearing Membership application form
India International Clearing Corporation (IFSC) Limited
- Name of the Applicant Company: ______
2.In case of applicant company is wholly owned subsidiary of member of any Indian Exchange/clearing Corporation.
Name of the Entity / Registration Number / PAN Number3Details of the Applicant
a.Date of incorporation (dd/mm/yyyy) :______
- Place of incorporation :______
- Corporate Incorporation number (CIN No.) : ______
- PAN Number : ______
If applied, please indicate: Yes No
- TAN Number: ______
If applied, please indicate: Yes No
- Registered Office Address:______
______
______
District : GANDHINAGARSTATE : GUJARAT
Pin Code : 382355
Contact Details:
STDCode: ______Telephone Number : ______
Email address: ______
Website Address (optional) : ______
Details of Contact person:
Name: ______
Designation : ______Contact Number : ______
4Declaration
We hereby apply for Clearing Membership of India InternationalClearing Corporation (IFSC) Limited. We agree to be bound by Securities and Exchange Board of India (international Financial Services Centres) Guidelines, 2015 as amended from time to time and circulars issued and to pay fees as provided for by India InternationalClearing Corporation (IFSC) Limited.
We acknowledge that any misstatement or misrepresentations or withholding of facts in connection with this application for membership or breach of any undertaking or condition of admission to membership may result in rejection of our application or termination of our membership. We hereby state that the above mentioned particulars are correct and complete to the best of our knowledge.
Signature/s:1. ______2. ______
Name/s of the Authorized signatories (Name of Designated Director/s)
- ______2. ______
Date: ______Place:______
- Please provide the payment details of the bank through which the SWIFT transfer has been made and attach proof of payment scanned copy
Amount paid : ______
Name of the Bank : ______
Branch Name : ______
Wire Transfer Number : ______
Date : ______
Annexure IA
( stamp duty as may be applicable, signed by authorized signatory and duly notarised)
Date:
To,
Membership Department,
India International Clearing Corporation (IFSC) Limited
102 First Level, Signature Tower, Zone 1,
GIFT City, Dist. Gandhinagar - 382355
Gujarat, India.
Dear Sir,
Clearing Corporation Undertaking
We hereby undertake that as long as the company is engaged in stockbroking as a member of any recognized Clearing Corporation in GIFT IFSC, it will engage itself in only such business as a member of a recognized Clearing Corporation is permitted to engage in under the Securities and Contracts (Regulation) Rules, 1957, and the Rules, Bye - laws & regulations of the Clearing Corporation.
- That the Undersigned shall furnish security deposits, pledge securities, hypothecate movables, create lien on bank accounts or furnish such other security as may be required by the Clearing Corporation/Exchange from time to time and to do all acts, deeds and things to enable the Clearing Corporation/Exchange to exercise all or part of the above mentioned securities to secure recovery of default in payment and other incidental charges relating to default and other dues of the Clearing Corporation and the Exchange, if any;
- That the Undersigned are aware that it would be/are admitted as a Clearing Member on paying the prescribed membership fee and security deposit and that the Undersigned do unequivocally undertake that it shall not be entitled to make any claim for refund of the security deposit, except when the Undersigned surrenders its clearing membership , that too for the amount lying after appropriation of amounts due from the Undersigned towards its liabilities or obligations towards the Clearing Corporation/Exchange and any other dues recognized as payable by the undersigned under the Rules/Bye-laws and Regulations;
- That without prejudice to the foregoing, the Clearing Corporation/Exchange shall be entitled to forfeit any property, funds, amounts, deposits or other sums due to the Undersigned or to the credit of the Undersigned in such events or contingencies as may be stipulated in the Rules, Bye-laws and Regulations ;
- That the undersigned is fully aware and has full knowledge that the Clearing Corporation is not responsible or liable for any failure of computer systems, telecommunication network and other equipments installed at its offices and the Clearing Corporation shall also not be held responsible for any misuse, mishandling, damage, loss, defect etc; and the Clearing Corporation has the right to inspect and supervise all computer systems, software programmes, tele-communications equipment, etc, which are provided by the Clearing Corporation at the undersigned's office for which necessary assistance, cooperation and facility shall be provided and the Undersigned shall not make any alterations, modifications and changes without prior written consent of the Clearing Corporation
- That the Undersigned undertake to subscribe to the mandatory insurance cover as required by the Clearing Corporation for the Clearing Members in all or in any Clearing Segment and to pay the insurance premium and also to comply with all requirements of the Clearing Corporation in respect thereof.
- That the Undersigned shall forthwith inform the Clearing Corporation in writing as and when any notice is received by the Undersigned in connection with any institution of winding up proceedings against it and that the Undersigned shall also inform the Clearing Corporation in writing before the Undersigned initiate any winding up proceedings to be wound up. The Undersigned further undertake that it shall inform the Clearing Corporation in writing on the onset of any circumstance which is likely to or may render it to be wound up or which is likely to or may render it liable to be subject to winding up proceedings.
- That the fees, security deposits, other monies and any additional deposits paid, whether in the form of cash, bank guarantee, securities or otherwise, with the Clearing Corporation, by the Undersigned from time to time, shall be subject to a first and paramount lien for any sum due to the Clearing Corporation/Exchange and all other claims against the Undersigned for due fulfillment of engagements, obligations and liabilities of the Undersigned arising out of or incidental to any dealings made subject to the Rules, Byelaws and Regulations . The Clearing Corporation shall be entitled to adjust or appropriate such fees, deposits and other monies for such dues and claims, to the exclusion of the other claims against the Undersigned, without any reference to the Undersigned;
- That without prejudice to the rights, remedies whether legal or otherwise available to the Clearing Corporation upon the Undersigned's non-compliance with this Undertaking, the Undersigned shall indemnify and keep indemnified the Clearing Corporation/Exchange against any loss/damage suffered by it whether legal or otherwise arising due to its non-compliance with the provisions of this Undertaking.
- That this Undertaking shall be binding upon the heirs, legal representatives, successors and assigns of the Undersigned.
- We are aware and acknowledge that if we engage in any other business the Clearing Corporation will be entitled to take disciplinary action (including fine, suspension &/or expulsion) against us.
Annexure 2
(On plain paper, signed and stamped by designated director/s on every page)
FORM AD
[Regulation 3]
Application Form for Registration as Clearing Member with Securities and Exchange Board of India
Table 1 :
Sr. No. / Particulars / Details1 / Name of Member with Code No.
2, / Trade name of Member
3. / Name of Clearing Corporationof which the applicant is the member
4. / Date of admission to Clearing Corporation
5 / Address of Member
6 / Fax Number(s), :
Phone Number(s) of office :
Phone Number(s) of residence :
Email address :
7 / Form of Organization – Sole Proprietorship, partnership, corporate body, financial institution, Others (Please specify) / Company
8 / Net worth alongwith supporting documents / In US$ as well as in INR
Table 2 : Details of proprietor/partners/directors
Sr. No. / Names / Age / Pan / Educational Qualification / Experience in Derivatives trading or securities market, as applicableTable 3 : Details of membership in other clearing corporations
Sr. No. / Name / Clearing Corporation with Code No / SEBI Registration No.Other details:
1.Please furnish a Copy of Memorandum and articles of association or the partnership deed, as the case may be.
2.Whether the application is accompanied with a requisite fee as per Schedule V of the Regulations as applicable to the applicant.
Undertaking
1 / Whether the applicant or its directors or partners, any time convicted of any economic offence? If so, please furnish the details? / YES/NO2 / Whether the applicant or its directors or partners, declared insolvent or declared defaulter by any exchange? If so, please furnish details. / YES/NO
3 / Whether the applicant or its directors or partners at any time subjected to any proceedings or penalty by the Board under the SEBI Act or any of the regulations framed under the SEBI Act? If so, please furnish the details. / YES/NO
4 / Whether any disciplinary Action has been initiated/taken or penalty has been imposed by SEBI/stock exchange(s)/Clearing Corporation(s) or any other regulatory authority? If yes, furnish details. Also provide details of corrective steps taken thereon. / YES/NO
Declaration:
I declare that the information given in this form is true and in the event of any information furnished is false, misleading or suppression of facts, my certificate of registration is liable to be cancelled by SEBI without assigning any reasons whatsoever.
Dated: / Signature / :Name / :
Designation / :
Recommendation of the Clearing Corporation
This is to certify that ______is a member of this Clearing Corporation and is recommended for registration with the Securities and Exchange Board of India.
Signature / :
Name / :
Designation / :
(On plain paper, signed and stamped by designated director/s on every page)
ADDITIONAL INFORMATION TO BE SUBMITTED AT THE TIME OF REGISTRATION OF CLEARING CORPORATION WITH SEBI.
1) Name of the Clearing Corporation
a)Name of the Applicant Member Broker
b)Exchange Clearing Code No. (If allotted
By the Stock Exchange)
2) Trade Name of Member
3) Address of Member
4) Tel No. (O)
Tel No. (R)
Fax No.
5) Form of Organisation : Please tick the relevant entity
a) Sole Proprietorship b) Partnership
c) Corporate BodyI) Financial Institution
II) Others
III) Foreign Joint Ventures
(If an Indian Company is holding more than 25% of total equity in the joint venture. Please give details of top five shareholders of Indian Company).
Name of Indian CompanyTop five Shareholders
1.
2.
3.
4.
5. / % Holding
FIPB Approval, if applicable
6.A)Sole Proprietorship :
Name of Proprietor / Educational Qualification / Age (on the data of filing of application) / Experience (specify the nature and years)B)Partnership :
Name of partners / Age (on the date of application) / Educational Qualification / Experience (specify the nature and years) / In case partners is/are registered with SEBI, give SEBI Regd. No.C)Corporate Body (Financial Institution / Others)
i) MOA object clause contains stock broking as one of the object in
a)Main Object